HOUSING AND EMERGENCY SHELTER TRUST FUND ACT OF 2002.

Housing and Emergency Shelter Trust Fund Act of 2002. •Creates trust fund to: provide shelters for battered women; clean and safe housing for low-income senior citizens; emergency shelters for homeless families with children; housing with social services for homeless and mentally ill; repairs/accessibility improvements to apartments for families and handicapped citizens; military veteran homeownership assistance; and security improvements/repairs to existing emergency shelters. • Funded by bond issue of two billion one hundred million dollars ($2,100,000,000). •Makes cities and counties eligible to receive specified funds. • Subjects expenditures to independent audit. •Appropriates money from state General Fund to repay bonds. Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact: • State cost of about $4.7 billion over 30 years to pay off both the principal ($2.1 billion) and interest ($2.6 billion) costs on the bonds. Payments of about $157 million per year